Letters to the Honourable Levi Woodbury Secretary of the Treasury of the United
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This will create a balance against the country, which must be settled by that portion of the mixed currency which will circulate abroad. Thus, specie will begin to flow from the United States to Europe. This movement will hardly be perceived at first, in its influence on our domestic operations ; but the loss of every successive million, which leaves our shores, will be more heavily felt than the last. Whether banks have forty or thirty per cent, of specie, in proportion to their circulation, i...s of little moment, if they can still meet their redemption, without embarrassment. But the gradual exhaustion will soon reach a point which will compel them to contract their discounts. When this is done, especially after such an enormous expansion of business and currency as we have just experienced, the shock pervades the country. The present crisis was unexpected, mercantile sagacity had overlooked the laws of trade, which are grounded on the laws of nature, and had embarked, with reckless confidence, on the ocean of a baseless credit.
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To quickly assess the difficulty of the text, read a short excerpt:
This will create a balance against the country, which must be settled by that portion of the mixed currency which will circulate abroad. Thus, specie will begin to flow from the United States to Europe. This movement will hardly be perceived at first, in its influence on our domestic operations ; but the loss of every successive million, which leaves our shores, will be more heavily felt than the last. Whether banks have forty or thirty per cent, of specie, in proportion to their circulation, i...s of little moment, if they can still meet their redemption, without embarrassment. But the gradual exhaustion will soon reach a point which will compel them to contract their discounts. When this is done, especially after such an enormous expansion of business and currency as we have just experienced, the shock pervades the country. The present crisis was unexpected, mercantile sagacity had overlooked the laws of trade, which are grounded on the laws of nature, and had embarked, with reckless confidence, on the ocean of a baseless credit.
What to read after Letters to the Honourable Levi Woodbury Secretary of the Treasury of the United?
You can find similar books in the "Read Also" column, or choose other free books by Franklin to read onlineMoreLess
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